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Monthly Macroeconomic Review 2018 February


PBO’s Monthly Macroeconomic Review reflects the trends of major macroeconomic variables. The review is based on data from Geostat, National Bank of Georgia and Ministry of Finance.

In January 2018, real GDP growth amounted to 4.4% YoY. According to VAT turnover, this growth was predominantly driven by trade, manufacturing, and mining and quarrying industries. As for inflation, in February 2018, annual inflation totaled 2.7%, while GDP deflator made up 4.9% in January. With regard to external trade, in January, following economic recovery in major partner countries and increase in external demand, YoY increase was 26% in exports and 18.2% in imports. During this period, the share of exports in external trade turnover increased from 26% to 27%, while the trade balance deficit increased by 13.9% YoY. In January 2018, money transfers from abroad increased by 31% YoY. In February, official international reserves grew by 8.7% YoY and equaled USD 3,023 million.